Trade rights and commitments between the United Kingdom and the Cariforo member countries established in the Economic Partnership Agreement (EPA) with the European Union (EU) will be maintained once the United Kingdom leaves the European bloc ("brexit"), in under a joint agreement.
In a statement, the governments of the Dominican Republic and the United Kingdom informed on Monday of the signing of the Economic Association Agreement between the two nations together with the member countries of the Caribbean Forum of African, Caribbean and Pacific States (Cariforo).
The signature supposes that "both countries guarantee the continuity of all the commercial rights and commitments established in the Economic Association Agreement (EPA) between the European Union (EU) and the Cariforo States, once the United Kingdom materializes its exit from the block European, the so-called "brexit".
The Dominican Foreign Minister, Miguel Vargas, and the United Kingdom's ambassador to the country, Chris Campbell, signed the Economic Association Agreement between the United Kingdom and the Dominican Republic jointly with the member countries of the Cariforo.
According to the note, the two nations accelerated the signing of this agreement due to the political situation that is taking place in the United Kingdom in relation to the European Union.
Since March 2017, the countries represented in the Cariforo agreed to initiate joint talks with the representatives of the British Government to finalize a transitional trade agreement that would give continuity to the preferences agreed in the Economic Association Agreement (EPA) with the EU.
In January 2018, an intense process of discussion began to reach a new agreement that incorporated all the commercial rights and commitments already established in the Cariforo-EU EPA and that could enter into force once the United Kingdom formally leaves the EU.
In a meeting held in Saint Lucia on March 22, the text of the new agreement was signed and finalized by the respective ministers.
The signing of a Memorandum of Understanding between Cariforo and the United Kingdom was also approved in order to guarantee the application of the tariff preferences that exist in the Cariforo-EU EPA during the time necessary for the ratification of the agreement.
The new agreement and memorandum were signed initially by nine members of Cariforo on March 22 and, subsequently, on April 1, Trinidad and Tobago did so.
On April 4, the Dominican President, Danilo Medina, issued the power so that the Dominican Republic, as a sovereign State, to sign through its embassy in London the new agreement and the aforementioned Memorandum of Understanding with the United Kingdom .
With the conclusion of this process, the Dominican Republic reaffirms its commercial policy of participation in trade agreements that guarantee preferential access of national goods and services to international markets, which contribute to strengthening trade, cooperation and regional integration ties, the press release
The Dominican Government and the British share the common objective of maintaining a close political and commercial relationship, which has existed since 1850, when the Caribbean country signed its first trade treaty with the United Kingdom, and which makes the most of trade opportunities, investment and cooperation.